Captovation Releases Newest Version of Captovation Check Capture
Program includes user-interface enhancements and support for Canon’s CR-180 Check Transport

Minneapolis, MN, January 9, 2004 – Captovation, a leading provider of production-level and browser-based document capture software, announced today the newest version of Captovation Check Capture – formerly known as ecCheckScan. Check Capture provides banks and other financial institutions with an interface to electronically capture the image and MICR (magnetic ink character recognition) data off of monetary checks so that they can be used for electronic image exchange and archival.

With the passage of Check 21 (Check Truncation Act), financial institutions can realize actual cost savings by implementing check-imaging technology, such as Captovation Check Capture, which will help them facilitate electronic image exchange and presentment.  Although the act does not specifically cover electronic image exchange, it does remove the barriers for electronic check presentment and allows an image replacement document (IRD) or substitute check to be created from an image of the original check. 

By promoting the use of image technology, the Act will benefit banks and other financial institutions in many ways.  First and foremost, the Act enables truncation earlier in the payment process.  Depositary banks will now be able to image capture a deposited check at its earliest point of entry, for example at the branch, and never process the original check again. This in turn will reduce shipping and labor costs at banks.  Furthermore, consumers and businesses will have more immediate access to funds.

Check Capture includes some major product enhancements over the previous version that Captovation released in April 2003.  These enhancements include an itemized check-listing window that displays the relevant check information or MICR data (i.e., Routing Number, Account Number, Check Number, and Amount) after scanning.  The window also displays the total value of the checks, which can be used to cross-reference the batch total receipt from their encoding machine.  If the totals do not match, Check Capture can be configured to prevent the committing of checks into an electronic document management system (EDMS).

Check Capture also now has the ability to import check images provided to banks from Fiserv^®.  For example, banks or credit unions that use Fiserv for item processing but not for in-house document management will sometimes choose to receive a CD-ROM containing the check images back from their Fiserv intermediary.  Check Capture can be configured to import the images as well as the check’s MICR data from the CD and archive them into the financial institution’s EDMS. By committing the check images into an EDMS, the images can be found quicker and easier when compared to accessing the images from the CD.  The images could also be used for on-line banking and check image statements.

Check Capture also includes detailed check item auditing.  The audit information can be used to report on a per check item basis including such activities as original scan time, batch commit time, and the user performing the commit process.

To strengthen check scanner support, Captovation Check Capture now offers support for the recently released Canon CR-180 Check Transport.  This check scanner offers duplex scanning and MICR reading at speeds up to 180 checks per minute (CPM), a built-in check jogger, two-pocket sorting and a built-in imprinter that can add up to 48 characters of endorsement information to a check.  This scanner retails in price for $3,895 and is available through authorized Canon Image Filing Systems dealers.  Previously, Check Capture only supported the TellerScan and Buic check scanners provided by Digital Check Corporation (www.digitalcheck.com). 

Captovation Check Capture uses a check scanner’s built-in MICR reader to capture the MICR data off of checks.  During the scanning process, this data is automatically parsed into index fields.  After scanning is complete, the check images and index data can be stored in virtually any EDMS.  Currently, Captovation Check Capture has direct integration support for such systems as Hyland OnBase, Legato ApplicationXtender, Optika Acorde, DocuWare, IBM Content Manager and TOWER Software’s TRIM Context.

About Captovation

Captovation, Inc. is a privately held company established in 1994, which specializes in the design and development of document capture products for the electronic document management industry.  Their software products and custom integration services provide paper-intensive organizations with the ability to streamline and tailor the document capture process to meet their needs.  eCapture, the company’s flagship product, is a suite of document capture modules for the Enterprise.  The software modules include: ecScan (production-level scanning), ecIndex (production-level indexing), ecNet (distributed, web-based capture), ecAutoFile Server (bar code recognition server), ecCommit Server (schedule batch commits), ecImport Server (import images directly into eCapture), and Captovation Check Capture (production-level scanning interface for check scanners).  For more information, visit the company’s web site at www.captovation.com.

About Canon U.S.A.

Canon U.S.A., Inc. delivers consumer, business-to-business, and industrial imaging solutions. The Company is listed as one of Fortune's Most Admired Companies in America, and is ranked #39 on the Business Week list of "Top 100 Brands." Its parent company Canon Inc. (NYSE:CAJ) is a top patent-holder of technology, ranking second overall in the U.S. in 2002, with global revenues of $24.5 billion. Canon U.S.A. employs over 10,000 people at over 30 locations. For more information, visit www.usa.canon.com.

Trademarks

Captovation Check Capture is a trademark of Captovation, Inc. in the United States.  Fiserv is a registered trademark of Fiserv, Inc.  Other company or product names may be trademarks of others.

 
©2003 Captovation Incorporated.  All rights reserved.